Global Clinical Trials Market

Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase I, Phase II), By Disease(Autoimmune/Inflammation, Pain Management) - Industry Forecast 2024-2031

Report ID: SQMIG35A2641 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 69 | Figures: 75

Clinical Trials Market Insights

Clinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Clinical trials are extensive research projects that evaluate novel diagnostic and therapeutic procedures and determine how they affect human health outcomes. A variety of people/patients voluntarily take part in clinical trials to examine various medical interventions, such as medications, medical equipment, and other biological products. Clinical trials are carried out in four stages and are closely monitored by regulatory agencies throughout the course of the study. Furthermore, the burden of chronic diseases is rising, according to WHO data published in April 2021. This is anticipated to boost demand for clinical trials as well as the development of new medications. It has been noted that cardiovascular illnesses, obesity, and diabetes are to blame for over half of all chronic disease deaths. For instance, non-communicable diseases (NCDs) account for 41 million annual deaths, or 71% of all fatalities worldwide. Due to the high prevalence of NCDs, there is a significant need for novel medications and technologies, which drives up the number of clinical studies and, ultimately, propels market expansion.

The market is expected to grow as technologically sophisticated digital solutions become more widely used, along with a number of government initiatives. Another factor driving the burden of long-term diseases and demand for clinical trials is the growing elderly population. The companies' focus on creating novel treatments for rare or genetic conditions that necessitate concentrated and specialised clinical trials has increased as a result of the rising burden of these diseases. This is expected to accelerate the growth of the sector. Additionally, the size and quantity of clinical trials have increased steadily as the commercial approach to clinical research extends from Europe and the US to the majority of the world. As a result, pharmaceutical companies are under more pressure to meet deadlines. Even huge pharmaceutical companies are finding it challenging to handle the rising workload, which is driving up outsourcing. So, during the course of the projection period, the market is expected to grow as demand for clinical trials outsourcing rises.

US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.

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Clinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The Clinical trials market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IQVIA', 'PAREXEL International Corporation', 'PRA Health Sciences, Inc.', 'Syneos Health, Inc.', 'Charles River Laboratories International, Inc.', 'ICON plc', 'Wuxi AppTec Inc.', 'Medpace Holdings, Inc.', 'Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)', 'Novotech Pty Ltd.', 'Medidata Solutions (a subsidiary of Dassault Systèmes)', 'Premier Research Group plc', 'LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)', 'SGS S.A.', 'PPD, Inc.', 'PSI CRO AG', 'Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)', 'Worldwide Clinical Trials, Inc.', 'Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)', 'Chiltern International Ltd. (a subsidiary of LabCorp)'

Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity. Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. The biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.

For businesses in the clinical trials sector, the proliferation of digital technologies made possible by wearables and sensors is translating into value-grabbing opportunities. ICON plc, a company that does clinical research, is looking into how digital endpoints, such as digital biomarkers, can enhance trial outcomes. As a result, digital health technologies have been adopted, enabling sensible device choices and data management techniques. Innovations in digital health have the potential to improve patient access to healthcare and the management of chronic diseases. Stakeholders and sponsors are working to increase patient adherence to drugs and prevent medication-related problems. The Internet of Medical Things (IoMT) has the potential to improve clinical development initiatives run by pharma and MedTech firms.

clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry's focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics. For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.

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Global Clinical Trials Market

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